Following the increase in customs duty rate by 2.6 percent by the Central Bank of Nigeria (CBN) from N1,444.56/dollar to N1,481.482/dolllar, the House of Representatives, on Thursday, proposed what it believed should be a solution for indiscriminate exchange rate adjustment for customs and excise duties.
The House reached a resolution that the Central Bank of Nigeria should maintain the system exchange rate for customs duty and excise duty purposes below N1,000/$1, preferably N951.941/$1.
The House believed that this will encourage patronage in Nigerian ports, prevent galloping inflation, and boost economic stability.
While adopting a motion by Leke Abejide, a member representing Yagba Federal Constituency in Kogi State, the House believed that there is a need to rescue the Nigerian economy from imminent collapse and restore investors’ confidence in the system.